Wendel NAV rose 5.1% in the third quarter to €167.0 per fully diluted share, supported mainly by higher portfolio valuations, the investment group said in its October 22 trading update. Its asset management business also reported growth, while the October 1 completion of the Stahl disposal brought in €1.14 billion in net proceeds.

Key Takeaways

  • Fully diluted NAV reached €167.0 per share at September 30, up 5.1% over the quarter and 3.9% year to date.
  • Asset management fees and other revenues rose 41.3% to €344.0 million over nine months, with 10% growth at constant perimeter and exchange rates.
  • The Stahl sale closed on October 1; the IHS disposal remains underway, with completion expected by year-end.

Table of Contents

Wendel NAV gains led by portfolio valuations

The quarterly increase took fully diluted net asset value from €158.9 per share at June 30 to €167.0 at September 30. Wendel attributed the improvement mainly to a rebound in market valuation multiples.

Unlisted investments added €5.8 per share, while listed assets contributed €2.7 per share through the increase in Bureau Veritas’ share price. Wendel Investment Managers added a further €0.3 per share, mainly reflecting higher valuations of investments in funds managed by its platform.

Share repurchases lifted NAV by €0.5 per share during the quarter. Operating costs, net financing results and other items reduced it by €1.2 per share.

Asset management expands through acquisitions and fundraising

Wendel Investment Managers ended September with €48.7 billion in assets under management, including €9.9 billion of dry powder. Fee-paying assets totaled €37.7 billion, up 9% over 12 months and 5% since the start of 2026.

Nine-month management fees and other revenues reached €344.0 million, up 41.3% from a year earlier. The increase reflected a full nine-month contribution from Monroe Capital and the consolidation of Committed Advisors from April 1, 2026. Growth at constant perimeter and exchange rates was 10%.

Fundraising totaled about €3.0 billion during the first nine months, including $2.0 billion at Monroe Capital and €1.3 billion at Committed Advisors. At Monroe Capital Income Plus, the non-listed business development company, year-to-date net equity outflows were $0.17 billion, with redemption requests declining in the third quarter from the second.

Wendel expects approximately €200 million in full-year 2026 fee-related earnings on a pro forma basis, assuming a full-year contribution from Committed Advisors and constant exchange rates.

Stahl proceeds received as IHS transaction remains pending

The sale of Stahl, excluding Muno, closed on October 1 and generated approximately €1.14 billion for Wendel after debt and transaction costs. The proceeds represented a 20% premium to Stahl’s pre-announcement NAV.

Separately, Wendel supports MTN’s offer for IHS Towers, which would provide full liquidity for its 19% stake and approximately $535 million in net proceeds. Closing is expected by year-end. Together, the Stahl and IHS transactions are expected to generate about €1.6 billion.

Wendel also reinvested €50 million in Globeducate in September to support the education group’s external growth strategy.

Operating performance varies across holdings

Bureau Veritas reported third-quarter revenue of €1,569.7 million, up 10.1%, with organic growth accelerating to 6.2% from 5.9% in the second quarter. It maintained its 2026 outlook for mid-to-high single-digit organic revenue growth, an improved adjusted operating margin at constant exchange rates and strong cash generation.

Among unlisted holdings, Scalian’s nine-month revenue fell 5.4% to €358.1 million amid difficult market conditions, particularly in France. Crisis Prevention Institute revenue slipped 0.3% to $115.2 million, while ACAMS revenue rose 2.3% to $83.6 million.

Globeducate reported revenue of €308.3 million for the nine months ended August 31, up 14.3%, including 5.5% organic growth. Its 2026 figures included €17.3 million from Indian operations that were not consolidated in the comparable 2025 period.

Cash position and shareholder distributions

Following the Stahl sale, Wendel reported €1.5 billion of available cash, against €1.4 billion of gross bond debt, alongside an undrawn €875 million syndicated credit facility. Its loan-to-value ratio was 9.5% at September 30.

Bond debt carries an average fixed cost of 2.8% and an average maturity of 5.8 years, with no maturity before 2030.

Wendel completed its €310 million share buyback on July 27, repurchasing 3.835 million shares, equivalent to 9% of share capital. An interim dividend of €2.55 per share is scheduled for November 19, representing half the minimum dividend for the 2026 financial year.

Conclusion

Wendel’s update combines higher portfolio valuations with growth in third-party asset management and cash received from Stahl. The IHS sale remains a pending transaction, while the November interim dividend is the next scheduled shareholder payment.

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